
May 16, 2018 • By ITEP Staff
Governor Mark Dayton released his FY 2018-19 supplemental budget proposal today, focused on making strategic investments to support Minnesota’s economic success, prioritizing working Minnesotans in responding to the federal tax bill, and leaving some of the state’s projected surplus unspent “to cushion against risk.”
May 15, 2018
It’s no great secret that Washington state has a regressive tax system, meaning people with modest incomes pay a comparatively high share of it in state and local taxes. The poorest fifth pay about 17 percent of their income in state and local taxes, while the wealthiest 1 percent pay 2.4 percent, according to the […]
May 15, 2018 • By ITEP Staff
New analysis by the Institute on Taxation and Economic Policy (ITEP) uses current year and two-year forecasts to calculate the impact that a 0.1 or 0.25 rate reduction in the Personal Income Tax (PIT) could have on taxpayers and state revenue. The data shows that any reduction in the PIT actually shifts the tax load further to low-income Michiganders.
May 15, 2018 • By ITEP Staff
The ITEP study found that New Jersey’s young immigrants eligible for DACA contribute $59 million in state and local taxes each year, the seventh highest level of all fifty states. These contributions would increase by $38 million per year – the sixth most of all states – if all of those eligible for DACA enrolled […]
May 14, 2018
This comes on the heels of a 2015 Institute on Taxation and Economic Policy report that showed Washington has the most regressive tax system in the country because of its high reliance on sales taxes. Read more
May 12, 2018
Meg Wiehe, deputy director of the Institute on Taxation and Economic Policy, said the public could be more likely to support income tax hikes since federal tax debate in the fall. “People understand the consequences,” she said. “They’re starting to connect the dots of what does it mean when there’s less revenue to spend.” The […]
May 12, 2018
According to the Institute on Taxation and Economic Policy, the fuel tax in Georgia actually increased .3 cents on gasoline and .4 cents on diesel in 2017. The fuel tax is indexed to the consumer price index and is adjusted annually. So basically there was no real increase in revenue to fund additional projects with […]
May 11, 2018
Ballot initiatives to hike taxes on the rich are rare but not unheard of. A measure in Washington state in 2010 to adopt an income tax for individuals who make more than $200,000 was overwhelmingly voted down. Meg Wiehe, deputy director of the Institute on Taxation and Economic Policy, said the public could be more […]
May 11, 2018 • By ITEP Staff
This guide provides a brief summary of proposed tax changes put forth by the candidates. Estimates of the distributional impact on Idaho taxpayers and state revenue and provided by the Idaho Center for Fiscal Policy.
May 11, 2018
As for the potential long-term consequences, the richest Indiana taxpayers will receive the largest average tax cuts in 2027 (with an average cut of $4,840), while taxes would go up slightly for the poorest 20 percent (with an average increase of $160), according to an analysis from the Institute on Taxation and Economic Policy. Read more
May 9, 2018
The teachers’ uprisings around the nation have challenged the bankrupt ideology of supply-side tax cutting—and maybe marks a shift in the public’s view of taxes and public spending. Jonathan Tasini talks about that with Meg Wiehe, deputy director of the Institute for Taxation and Economic Policy. Read more
May 8, 2018
An analysis by the Institute on Taxation and Economic Policy finds North Carolina would have $3.5 billion more in annual revenue if lawmakers had not changed the tax system that was in place in 2013. Read more
May 8, 2018
Amazon effectively paid no U.S. income taxes in 2017, according to an analysis by the Institute on Taxation and Economic Policy. Meanwhile, the company reported a staggering $1.9 billion in profits in the fourth quarter of 2017. “At a time when states all want to see HQ2 coming to them, but they don’t necessarily have the cash […]
May 8, 2018
Such migration concerns are “overblown,” Carl Davis, research director at the liberal-leaning Institute on Taxation and Economic Policy, told Bloomberg Tax. “High-income earners tend to move less often than everyone else because they are already living comfortably,” Davis said. “There is no need for them to uproot their lives in search of a tax savings […]
May 8, 2018
"The trigger is a politically expedient way for lawmakers to claim they’ve cut your taxes without having to do anything immediately to make up for the consequences of reducing revenue," said Meg Wiehe, of the Institute on Taxation and Economic Policy, a left-leaning think tank.
May 5, 2018
When lawmakers do gather enough votes to raise tax revenues, it is usually for “low hanging fruit” like cigarette taxes or a sales tax, said Meg Wielhe, the deputy director for the Institute on Taxation and Economic Policy, a tax research group. These increases “definitely fall more heavily on low-income families,” she said, which can means […]
May 5, 2018 • By ITEP Staff
As Iowa lawmakers consider the agreed-upon tax plan developed by Republican leadership and Governor Reynolds, sharp differences are clear from earlier proposals by the Governor and the House Ways and Means Committee.
May 4, 2018
The research director of the liberal-leaning Institute on Taxation and Economic Policy, Carl Davis, said in a blog post Thursday that “the Trump Organization quietly updated TrumpStore.com’s sales tax information page this week to indicate that the company will now collect sales tax in New York.” Read more
May 4, 2018
New York’s addition to the list of states where TrumpStore.com collects sales tax, which previously included Louisiana, Florida, and Virginia, was first spotted Thursday by the Institute on Taxation and Economic Policy, a nonpartisan think tank. “Refusing to collect sales tax in New York was a risky move, and it’s not surprising that they’ve reversed course,” […]
May 4, 2018
The Trump Store has started collecting sales tax on online purchases from customers in New York, a state where it most certainly seemed to have the physical presence required for collection — a Manhattan flagship store. The liberal Institute on Taxation and Economic Policy noted that update on the store’s website. In all, the store […]
May 3, 2018
The trick for companies? They get to write off the value at which the stock was later traded, not the original price for which they sold their stock to employees. “Even if the grant was pennies on the dollar, the companies get to write off the full market value,” said Matt Gardner, senior fellow at […]
May 3, 2018
Tax experts said the only similar recent tax break that came to mind was in 2014, when New York Gov. Andrew M. Cuomo (D) pushed through a more targeted, three-year tax package aimed at middle-class families ahead of his reelection bid, according to Meg Wiehe, a tax expert at the Institute on Taxation and Economic […]
May 1, 2018
As a result, a few states will see revenue gains from higher prices because their tax rates are tied to the price of fuel, rather than its volume, Carl Davis, research director for the left-leaning Institute on Taxation and Economic Policy, told Bloomberg Tax. Those states include California, Connecticut, Kentucky, Maryland, Nebraska, New Jersey, New […]
April 30, 2018
In fact, a 2013 Institute on Taxation and Economic Policy study found that states with high tax rates are outperforming no-tax states, particularly in per capita gross state product: 8.2 percent per capita growth in gross state product compared with 5.2 percent in no-tax states. Read more
April 30, 2018
Lujan says it’s is all about balancing an out-of-whack tax structure that is too dependent on sales taxes – one that has left low-income Arizonans paying far more in taxes as a percentage of their income than the wealthy. Indeed, 40 percent of Arizona taxpayers – those who earn an average of $28,300 a year […]